How casually, how frighteninglyThe risks are now dismissed.Spain’s fall to junk, Greek exitThe looming fiscal cliff.For recent years do demonstrateThe power of QE.What matters sovereign solvencyWhen you have OMT?

But history says when vol is lowThere lies complacency.The worldly wise should use this timeTo buy convexity.For if crisis strikes, then all assumeThe powers will interveneBut where there is consensusThere tail risk lurks unseen!

How many sand niggers* does it take to screw a camel ? Answer: 3 One to "grab the tail" and two to rotate the step ladder ! *Monedas' picturesque term for the denizens of the sandy regions of Northern Afrika and the Near East !